XE Market Analysis: Asia – May 20, 2021

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After rallying on Wednesday in the aftermath of the FOMC minutes mention of tapering, the Dollar turned broadly lower through the N.Y. session on Thursday. Treasury yields gave back all their post-minutes gains, leaving the 10-year note at 1.63% from 1.69% highs yesterday. The DXY was pushed from early Asian highs of 90.23 to a N.Y. low of 89.78. The USD fell despite mostly better incoming data, which saw initial claims fall to pandemic lows. Continuing claims ticked higher, though leading indicators rose sharply, beating expectations.